Advantages anuls all debt that you cannot pay, gives you a fresh start
Disadvantages affects your credit rating, gets put in the local newspaper!
Here we go , quite an embarressing situation to discuss. But i thought if it helped someone ,somewhere contemplating whether to become "bankrupt" , then its worth while!
We have struggled for many years trying to pay off debts, consolidating loans, taking more credit out to pay bills. ( Im sure its something most people can relate to ...we found it got dramatically worse after baby number three! Icouldnt afford childcare, and have found it hard finding work around my husbands hours!)
We began making reduced payments to creditors ,some of which only recived 10p! But this was all worked out properly by the cccs.At the end of July we decided, after trying every other posibility to go forward and do it!
Rang the court , who sent me the forms to fill in! Ok , i know they had to know all about my situation , but i wasnt prepared for so much paperwork! I think it took me two weeks to fill out!Once the paperworks filled in you have to ring the court back and arrange a date to petition your bankruptcy. We were given the 13 th Aug, and that was the longest two weeks of our life! I can honestly say it affected me menatlly and emotionally, i couldnt sleep or eat , it was awful!
We began transferring wages,benefit, etc from our ordinary current accounts, as all accounts would be closed as soon as we were declared bankrupt!
It is also advisable to pay all electricity and gas accounts up to date, and pay a little extra, so they wont be part of the bankruptcy order, and you can remain on a quarterly bill.( otherwise they may request you pay a deposit as security!)
Also , BT wont let undischarged bankrupts have accounts. So we had to ask a family member to put it in their name!
The clerk then takes the forms to the judge to read through. He can request to speak to you himself if theres anything he wants to question, but he didnt want to speak to us. He signed the forms, declared us bankrupt, then we were given a copy of the bankruptcy order and that was it!Or so we thought! We got bombarded with calls from one of the creditors, who wouldnt take the details of the order and the official recievers address. They hounded us on the phone till yesterday, I was under the impression that as soon as you were made bankrupt all your creditors were made aware!....
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